SRPS Tech begins anew with insights from the region in order to better allow our customers to know what the rising market trends are in 2020 and 2021. From our own data and how our customers data are demonstrating, it is clear that Malaysia alone has a strong and solid market base for rechargeable nickel cadmium (NICAD) batteries and lead acid storage batteries.
We also note that the rise lithium storage batteries in other countries has not cause any rise in demand in Malaysia given the competitive pricing and conservative attitude of our industry. A point to note is that overall batteries market in Asia Pacific is that this region accounts for 39% of the batteries market in 2020 and this makes us the largest market. Second to us is North America with a demand of 22% of the batteries market.
The smallest market interestingly is the African market. It would suggests that this market is poised to become the next big market as China moves more into Africa and setting up their factories there.
We look forward to a stronger growth of batteries usage as economic recovery happens in vaccine activated countries amidst this covid19 times.